KEY POINTS:
Fisher & Paykel Appliances today reported a bottom line interim loss after taking into account the cost of moving manufacturing offshore.
The company cut its interim dividend to 5 cents a share from 9 cents a share last year. The dividend is payable on December 19.
"Due to the lower normalised result for the half, together with substantial costs associated with implementing appliances' global manufacturing strategy, the directors considered it prudent to reduce the interim dividend," the company said.
The company said its normalised profit after tax of $22.395 million in the six months ended September 30 was ahead of market consensus of $16.11m but down from $32.305m in the same period last year.
The bottom line loss of $7.347m after tax compared to a profit of $29.29m in the same period last year and came after $29.742m of one-off costs after tax.
The company is not forecasting what it will make in the full year because of the uncertainty in all of its markets.
"The outlook for the remainder of the financial year remains uncertain with no market exempt from the global economic fallout," the company said.
The company's share price fell 4c to $1.33 in early afternoon trading.
- NZPA
